Thursday, June 14, 2007

Shame on the MSM for Dumbing Down the Dazzling Economy and the Beneficial Effects of Tax Cuts on Revenues

This from an editorial in Investors Business Daily today entitled: The Tax Story Media Invariable Bury:

"One of the assertions that the media make most often about the U.S. economy is that President Bush's tax cuts didn't do what he promised. But the data clearly show nothing could be farther from the truth.

"Bush lowered taxes in both 2001 and 2003. during the debate for both rounds of reductions, it was repeatedly asserted that tax cuts would lead to lower revenues and not pay off with higher economic growth.

"Wrong on both counts.

"A cursory look at the data---and that's all it takes, so shame on the media for misreporting---show tax revenues have surged, SURGED, since the tax cuts went into effect."

The truth is much of the MSM and members of Congress are shamefully illiterate about the ways the economy really works, and do a great disservice to our citizens in trying to perpetuate the myth that higher taxes bring in higher revenues.
IBD concludes its editorial today with the following:
"Another poll, this from the American Enterprise Institute, found that most people think they should be paying from 10% to 25% of income on taxes. Right now, the actual number is over 30%. So it's not a stretch to say that most people feel they're overtaxed.
"This is why Bush's tax cuts are so popular. And why they need to be kept in place.
"If they're allowed to lapse, as Democrats, and certainly Hillary, would like, it could be big troube for the economy. A study earlier this year by economists Tracy Foertsch and Ralph Rector found scrapping Bush's tax cuts would,
********deprive GDP by $75 billion a year.
********Cost 709,000 jobs annually.
********Lower personal incomes by almost $200 billion.
"Note to tax raisers in Washington and the media who carry their water: TAX CUTS WORK.
"They did for Coolidge, they did for Kennedy, they did for Reagan. Now they're doing so for Bush."
Amen, brothers at IBD.

1 comment:

Webutante said...

Won't accept anonymous comments, so if you like, resubmit it with a name and I'm happy to publish it.